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U.S. threatens $100 bn more tariffs on Chinese products

07 April 2018

The Trump administration considers tariffs the logical outcome of alleged intellectual property theft and will continue the trade war until Beijing is willing to negotiate trade.

While the proposed tariff on American propane probably won't hurt US companies as much as intended, Yuanta Securities predicts duties on oil will rattle investors.

A senior U.S. official who requested anonymity told Reuters no formal negotiating sessions had yet been set, but that the United States was willing to negotiate with China. Mnuchin says in the interview that US officials are in communication with the Chinese. "On the other hand, the President is absolutely prepared to defend our interests". He says those interests include protecting USA farmers.

Some analysts have speculated the two countries could reach a detente before the tariffs on both sides take effect. "The WTO is unfair to US", Trump said in a Twitter message.

President Donald Trump's administration spent the past few days reassuring investors that it's not rushing into a trade war, and China's government has done the same.

The USTR has said the measures are retaliation for Chinese intellectual property theft.

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Kudlow spoke Friday outside the White House. In turn, China vowed to target key US exports, including soybeans.

Leading U.S. financial markets fell in early trade on Friday.

"I can only hope that we solve our differences as soon as possible to avoid damage to the USA economy, Chinese economy and to United States companies". The Labor Department said Friday that the unemployment rate remained 4.1 percent, a 17-year low, for a sixth straight month.

China's government has vowed to "counterattack with great strength" if Donald Trump goes ahead with plans to raise U.S. tariffs on an additional 100 billion dollars of Chinese goods.

China said it was not afraid of a trade war, even though it did not seek one, and accused the United States of provoking the conflict.

"Trump's announcement of a potential further $100 billion of tariffs on China briskly ended any hopes of an amicable conclusion to escalating trade tensions", said London Capital Group analyst Jasper Lawler.

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His gear still hangs in the Brockton firehouse even as he tackles golf's most prestigious tournament and his boss marvels. Johnson responded that the club would not be made to change its policies "at the point of a bayonet".

The ministry also vowed to take "comprehensive countermeasures", according to Xinhua, although it did not add further details. "Under these conditions, the two sides can not conduct any negotiations on this issue", Gao said, without elaborating. Studies found that a steel tariff imposed by President George W. Bush in 2002 resulted in as many as 200,000 jobs lost in industries that use steel to make their products. He tweets, "People are surprised, I'm not!" Trump's first round of $50 billion in tariffs mostly targeted industrial goods and electronic components.

The Energy Information Administration (EIA) reported a 4.6-million-barrel draw in US crude inventories last week, compared with analysts' expectations for an increase of 246,000 barrels.

That followed an announcement earlier this year that the United States would impose import taxes on aluminium and steel, which would include China.

Traders work on the floor of the New York Stock Exchange shortly before the closing bell in New York, U.S., April 6, 2018.

"I'm not saying there won't be a little pain", Trump said Friday during an interview on 77 WABC Radio' "Bernie & Sid in the Morning" programme. Still, Pride said all of the proposed tariffs add up to a pretty small fraction of trade between the USA and China, and overall, they wouldn't affect the nation's economy that much if they do go into effect.

China's Foreign Ministry Spokersperson Lu Kang also echoed similar remarks as the commerce of ministry, saying "China will fight back at any cost".

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In a separate dispute, Beijing raised tariffs Monday on a $3 billion list of United States goods including pork, apples and steel pipe in response to increased duties on imports of steel and aluminium that took effect March 23.

U.S. threatens $100 bn more tariffs on Chinese products